Selangor Journal

Deepening Malaysia-Philippines Economic Relations

 

KUALA LUMPUR – The Department of Trade and Industry (DTI), through The Philippine Trade and Investment Center, Kuala Lumpur, Malaysia, hosted the Philippine Investment Forum 2018 on September 25 under the banner Partner Philippines: Building Value Together.

Held at The Grand Hyatt Hotel Kuala Lumpur, the event was to promote the Philippines as an investment destination for Malaysian businesses.

During the half-day event, guest speakers tackled various investment topics, including a presentation on business opportunities and the outlook of various investment topics, an infrastructure segment in relation to the Build! Build! Build! campaign of the administration, a Mindanao-focused session by Mindanao-based investment promotion agencies, testimonials by Malaysian companies doing business in the Philippines, among others.

During the press conference, Katrina V. Banzon, the Commercial Attaché of the Philippine Trade and Investment Centre in Kuala Lumpur highlighted that to date, there are about a dozen Malaysian owned companies in the Philippines.

“The trade and investment growth continues rapidly and for the period of January and November 2017, Malaysia’s net investment to the Philippines increased by 360.27 per cent to US$ 13.78M. This moves Malaysia 10 positions up, making it the 10th leading investment source of the Philippines in 2017, from 20th at US$ 3.01 M in 2016,” said Katrina.

The Forum was attended by high-level Malaysian government executives, and YB Dr. Ong Kian Ming, Deputy Minister of the Malaysian Ministry of International Trade and Industry, gave the keynote address. Similar with the other speakers, the Deputy Minister is hopeful that the economic relations between the two countries will continue to grow.

“Malaysian companies including multinationals and SMEs has a strong presence in the Philippines spanning many sectors. In 2017, our bilateral trade grew by 26.1% to USD5.94 billion. I am confident that we can do more to further expand our bilateral trade,” he said.

Dr. Ong added that the expanding economy and the introduction of more business-friendly policies by the Philippines government has created huge opportunities and incentives for Malaysian companies to venture and expand their presence in the country.

“With a population of nearly 100 million people coupled with the Philippines’ economic growth, I would say that this is the right time to do business in the Philippines,” he said.

DTI Undersecretary for Trade and Investments Promotion Group Nora K. Terrado welcomed the strengthening of economic cooperation between the Philippines and Malaysia and among the members of the ASEAN region. “Beyond investments, the Philippines offers a long-term partnership that will be mutually beneficial to all parties in building values,” Terrado added.

Secretary Datu Abul Hj. Khayr D. Alonto, Chairman of the Mindanao Development Authority (MinDA) emphasized the investment opportunities in Mindanao, which was echoed and supported by a strong official and business delegation from Mindanao.

Other equally important speakers were Director General Charito B. Plaza of the Philippine Economic Zone Authority (PEZA) and Executive Vice President Aileen R. Zosa of the Bases Conversion Development Authority (BCDA), who touched on economic zones and infrastructure projects in the Philippines – all set to bring greater development in the country.

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On the sidelines of the Forum, business-to-business meetings were scheduled for the official and business delegations from the Philippines, and the participants from Malaysia. Speakers and participants include top government, C-level and other company executives, and private sector organization representatives. More than 300 potential investors and strategic partners attended the event.

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